Some users are experiencing the issue while many do not. I believe it depends on your carrier with a combination of the phone and carrier software it is running. The carrier controls whether you are allowed to use the personal hotspot while Apple provides the feature.
There are too many iterations and combinations. All are not properly tested before the new update was released. This is a failure in the "new improved" agile test and software release methodology to deploy releases faster.
Disclosure. I am in development, engineering and testing. However not for Apple. I believe in software quality and don't get defensive and shift blame to the end users. Respect the end user.
If the control shows the hotspot symbol as gray or active. Then it is likely a control status display out of sync issue.
Anyhow Enough of my ranting. Try this if it is grayed out or showing as active when it is not.
To my point on who your provider is. NOT all users have the APN option or Cellular > Cellular Data Network. It depends on your carrier/provider.
- Go to settings. Check if "Cellular > Cellular Data". If Off. Turn it On
- Then toggle the "Personal Hotspot > Allow Others to Join" switch. i.e. Turn it Off and On if On. Turn it on if it was Off
- Next ensure Bluetooth and WiFi are enabled. Note WiFi should not be connected to a WiFi network (no blue check on a public or home WiFi network).
- Now check to confirm your laptop or device sees the iPhone hotspot. The hotspot name will show as a WiFi network on the other devices. Note that the control panel may still show it as grayed when the iPhone is broadcasting the hotspot.
- If "Personal Hotspot" is still not active. Turn off "Cellular Data" Then turn it back On. Go back to repeat steps 1 to 4 again.
If there are still issues with connecting Turn on "Maximize Compatibility" under "Personal Hotspot" if this option is available to you. As before this may or may not be an option for your situation.
This is for a wireless hotspot. There is also option for direct wired connection via USB. However I won't go into that.